The playbook — gold · September 10, 2026
High-grade gold steps out beside C-Zone at Hemlo's South-Rim
Hemlo Mining hits 89.9 g/t over 3 metres next to its active workings, and 14.81 g/t over 10 metres does the heavier lifting.
Hemlo Mining Corp. drilled a hole into the South-Rim Zone at its Hemlo Gold Mine in Marathon, Ontario, and pulled 89.89 grams of gold per tonne over 3.0 metres — rich rock, but that headline number leans almost entirely on a single one-metre slice grading 236 g/t. The quieter, sturdier result sits a few holes over: 14.81 g/t over 10.0 metres, which pairs real width with real grade. This is near-mine work at one of Canada’s biggest historical gold camps, which has already produced roughly 25 million ounces. Hemlo closed its US$1.0 billion purchase of this mine from Barrick in November 2025 and posted its first full owner-operator quarter, $22.1 million in net income, in Q1 2026.
What makes this more than a lucky hole is where it is and how many there are. Roughly 15 mineralized holes spread across about 500 metres of a 1.5-kilometre interpreted zone, sitting just 50 to 150 metres from active C-Zone mining and existing underground access. That proximity matters: rock this close to tunnels already dug is low-capital to reach if a resource firms up. The gram-meter math — grade times width, the rough measure of how much metal a hole actually cut — backs the 10-metre hole at 148, comfortably ahead of the flashier intervals once you strip out the nugget spikes. CEO Jason Kosec founded Millennial Precious Metals and, per the company’s own bio, grew it to a 10-million-ounce resource. The stock rose 40.5% over three months while the junior gold index gained 32.1% and gold itself only 6.8% — company-specific news, not just the tide.
Now the honesty. True width is disclosed only as a blanket 65% to 90% of downhole length, with no per-hole geometry; steep dips up to 74 degrees on some best holes mean true widths could be materially less than core length. The eye-catching intervals ride uncapped single assays of 236, 209, 122 and 108 g/t — classic coarse-gold nugget risk. No cut-off grade or compositing interval is disclosed. Several holes returned no significant results and one is pending, so mineralization is present but not uniformly continuous. None of this is in a resource estimate yet. The company says more South-Rim assays are expected in coming months, management targets deeper drilling in Q4 2026, and an updated resource and reserve report is planned for H2 2027.